...of laws and regulations depending on the stakeholders involved. Deal structuring from a tax perspective is one of the critical factors for any business restructuring proposition, such that the transaction is tax neutral or results in minimizing the tax implications. Such acquisitions may be routed through direct investments or through an International Holding Company (IHC). An IHC would be advantageous in case the promoter/company wishes to keep the cash flows generated from overseas operations outside India for future growth needs. In case of direct investments, the entire surplus amount would have to be repatriated to India and the same would be subject to tax in India, thereby reducing the disposable income in the hands of the promoter/company. Income generated overseas could be repatriated to the Indian Company in the form of interest, royalties, service or management fees, dividends, capital gains. Such income when repatriated to the Indian Company by the IHC or to the IHC by the target company would attract double taxation. Double taxation is a situation in which two or more taxes are paid for the same income/transaction which arises because of the overlap between different countries tax laws and jurisdictions. The liability is then mitigated or off settled by tax treaties between the two countries. An ideal location for an IHC would be one with low/nil withholding tax on receipts, on income streams and on subsequent re-distribution as passive income. Some...
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...natural person should be employed or signed service contract with company that registered in Australia or Thailand. Furthermore, this person should also meet the criteria on immigration formality in order to have a right to receive temporary entry visa. The eligibility and duration of each stay depend on different business purpose. 1. Business visitors - Thailand does not require a work permit for Australian citizens who are business visitors conducting business meetings in Thailand for up to 15 days, and up to 90 days for APEC Travel Card Holders. This condition is available for service seller, investor and natural persons who are employed by an investor. Service sellers or sales representative of the service firm are people who want to visit Thailand for negotiation about business without make direct sale to the general public or supply service directly. Those Australian investors seek investment opportunity in the territory of Thailand. It also can be natural persons who employed by an investor who seek to perform investment in the territory of Thailand. 2. Intra company transfers - Thailand will grant a...
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...Chapter 18 Audit of the Payroll and Personnel Cycle ← Review Questions 18-1 General ledger accounts that are likely to be affected by the payroll and personnel cycle in most audits include the following: Cash Direct labor Inventory Salary expense Construction in progress Commission expense Wages payable Payroll tax expense Payroll taxes withheld Accrued payroll taxes 18-2 In companies where payroll is a significant portion of inventory, as in manufacturing and construction companies, the improper account classification of payroll can significantly affect asset valuation for accounts such as work in process, finished goods, and construction in process. For example, if the salaries of administrative personnel are incorrectly charged to indirect manufacturing overhead, the overhead charged to inventory on the balance sheet can be overstated. Similarly, if the indirect labor cost of individual employees is charged to specific jobs or processes, the valuation of inventory is affected if labor is improperly classified. When some jobs are billed on a cost plus basis, revenue and the valuation of inventory are both affected by improperly classifying labor to jobs. 18-3 Five tests of controls that can be performed for the payroll and personnel cycle are: 1. Examine time card for indication of approval to ensure that payroll payments are properly authorized. The purpose of this test is to determine that recorded payroll payments are for work...
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...12TH October 2015 DUE DATE : 12TH October 2015 Produced by STUDENT NAME & ID: No. | Name | Student ID | Contribution | 1 | TRINH HONG DUONG | 1000924085 | 1(A) | 2 | GAO ZIYI | 1001233382 | 1(B) | 3 | YAO TONG MEI | 1001233058 | 1(C) | 4 | OMUVWIE NYERHOVWO | 1001130432 | 1(D) | 5 | YONG YIP HEE | 1001130054 | 2 | 6 | TANG CARMEN | 1001130031 | 2 | 7 | LEE CHEE KUAN | 1001129097 | 2 | TABLE OF CONTENTS 1(A) | Bright Sdn Bhd’s basis periods for the years of assessment (YA) 2015 and 2016 | | 1(B) | Bright Sdn Bhd have Permanent Establishment (PE) in Hong Kong | | 1(C) | the Income Tax Implications and Treatment for Bright Sdn Bhd during the 24 months | | 1(D) | Mr Kan Lek’s Malaysian Residence Status and Tax Treatment of years of assessment 2015, 2016 and 2017 | | 2.0 | Goods and Services Tax (GST) | | 2.1 | Standard Rated | | 2.2 | Zero Rated | | 2.3 | Exempted Rate | | 1(A) Bright Sdn Bhd’s basis periods for the years of assessment (YA) 2015 and 2016 Bright Sdn Bhd has been carrying on business for a number of years and prepares its accounts up to 31 June each year. Its basis period for the year of assessment 2013/2014 is from 1 July 2013 to 30 June 2014 (section 18B(1)). But in 2015, Bright Sdn Bhd intends to change its year end to September 2015, thereafter annually year end of Bright will be changed to September. As a restult, Bright Sdn Bhd's basis period for the year assessment 2015 is 1 July...
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...1.0 Introduction From the Malaysian perspective, to begin with, there must first be a tax liability under the Malaysian Income Tax Act, 1967 (ITA). Once this is established, then one has to check the provisions in the DTA to see whether a reduction of tax rate or total elimination is available. If so, the DTA must be respected. This is clearly provided in the ITA, namely S 132(1) which states that if the Minister by statutory order declares that arrangements set out in such order been made by the with the government of any territory outside Malaysia in order to give to the relief of double taxation in relation to tax beneath this Act and any other foreign tax territory and it was is expedient that those arrangements should have effect (Choong, 2013). Next, as long as the order remains in force, those arrangements shall be effective in relation to tax beneath this Act notwithstanding anything in any written law. Whilst the above law is quite clear, there have been litigations on this aspect. And, as expected, it has been established that due respect should always be given to the DTAs that the Malaysian Government has entered into (Choong, 2013). 2.0 Scope of DTAs Double Taxation Agreement (DTA) is a deal between two nations who want to avoid double taxation by determining the taxing rights of each nation taking into consideration cross-border flows of revenues and provide tax credits or exemptions to eliminating double taxation (Yong, 2012). The objective of the DTA Malaysia...
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...misrepresenting material facts to a key client, Poseidon, in conjunction with their hedging of French Franks relating to the $700 million equivalent cost of the five year construction of a new cruise ship. Seth is a relatively new employee at FA and was recruited by one of his key managers, a salesperson named Linda. Linda is asking Seth to “play along” with her questionable sales tactics so as to make the trading desk at FA a huge profit and herself a very large $1 million bonus. Seth would earn a bonus of about 70% of his base salary. Seth is ethically conflicted, as he does not feel that Linda’s tactics are honest and perhaps even legal. Who are the key players involved: (i) “Seth” – the junior salesperson at FA (ii) Linda – a top salesperson on the FX desk at FA and Seth’s boss; recruited Seth in (iii) Roger – floor trader at FA (iv) Peter – Sales Manager for Derivatives at FA (v) CFO of Poseidon What are the main issues/allegations? (i) Is fraud being committed by any or all of the following: a. Sending the Telerate page that grosses up for withholding tax, but withholding tax does not apply to cross currency swaps b. Convincing the CFO of Poseidon that the deal needs to remain secret and not shopped to other competitors so as to not “move the market” ahead of the trade. c. Telling the CFO of Poseidon that the profit to FA is $1.25 million when in reality the profit to FA would be $12.5 million. (ii) What is the short-term impact...
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...3) Missing the competencies to be found in the exhibits in the case questions. Another concern is when students are writing both PA1 and PA2 at the same time. It is critical that those students “switch hats” from being a public practitioner in PA1 to a comptroller in PA2. And for those writing only one exam, make sure you write from the correct perspective. Consider the following for each case: 1) Type of communication (memo, letter or report) 2) Who is writing 3) To whom the case is being written to 4) The time frame. a. ie when in the audit: beginning, middle, end; there is no point writing about issues at beginning of audit if the audit is over and there is a draft audit report b. ie regarding purchase or sale of property: has the decision already been made to buy the property (shares or assets) or not; and if so, has the financing been decided. Or maybe there is an issue such as in Feed & Grow with the auditor owning shares of company to be consolidated with client; the extra shares to result in >50% ownership have not yet been bought so it is next year’s issue. The issue must still be addressed but the recommendation might be to consider the issue further. Not all issues have to be answered today; just that they must be addressed. The recommendation can be to explore the issue further etc. It is key to use subheadings in your response. It helps make it clear what you are writing about. It also helps you organize your answer better. As...
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...2014/2015 TANZANIA TAX GUIDE INCOME TAX FOR CORPORATIONS: Corporation rate % Resident corporation 30 Non-resident corporation *30 Newly listed companies – reduced rate for 3 years **25 Alternative minimum tax (on turnover) *** 0.3 Total income of a domestic permanent establishment (branch profit) 30 Capital deductions Buildings (straight line) Agriculture or livestock/fish farming Other 20 5 Plant and machinery (initial allowance) Manufacturing or tourism 50 Agriculture 100 Plant & machinery (reducing balance) Class 1 Class 2 Class 3 37.5 25 12.5 Intangible assets (straight line) Over useful life Agriculture - improvements/research and development 100 Mining exploration and development 100 Oil & Gas prospecting, exploration and development (straight line) 20 * A non-resident corporation with a Domestic Permanent Establishment (DPE) also has to account for tax of 10% on "repatriated income" ** Provided at least 30% of shares are publicly issued *** Where tax losses for 3 consecutive years Correspondent firm of Russell Bedford International www.russellbedford.com www.habibadvisory.com Page 1 of 16 2014/2015 TANZANIA TAX GUIDE INCOME TAX FOR INDIVIDUALS IN TANZANIA MAINLAND: Individual Income Tax Rates – for Tanzania Mainland: Income Range (monthly) Tshs Tax rate (PAYE) % 0 – 170,000=00 NIL 170,000=00 – 360,000=00 12% of the amount in excess of Tshs. 170...
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...January. You are computing February payroll. Mike's pay is subject to social security taxes at a 6.2% rate and Medicare at a 1.45% rate. He has not exceeded the annual base for social security taxes. Assume the company will remit this tax and any employer match on the 3rd business day after pay day. Assume Mike's income tax withholding to be equal to $15% for Federal and 5% for Maryland. Assume that both of these withheld taxes will be remitted on the 3rd business day after pay day. Baltimore Corp pays for workers' compensation insurance at a 3.5% rate. None of this cost is paid by the employee. Baltimore Corp provides its employees with health care insurance, and pays 80% of the $600 per employee monthly premium. The other 20% is paid by employees via payroll withholdings. Mike participates in a tax-sheltered deferred savings plan (401k plan) and has 6% of his gross pay withheld each month. Baltimore Corp provides a 100% matching contribution of the first 5% of worker pay. There is no match after 5%. This is sent to the investment company on the 10th of the following month. Baltimore Corp's payroll is subject to federal (FUTA) tax of 6.2% of the first $7,000 of employee pay per year. The payroll is also subject to Maryland unemploment tax (SUTA) of 4.0% of the first $8,500 of employee pay per year. Both taxes are paid by the employer and the employee does not have these taxes withheld. Mike participates in the Charitable giving program to donate monney to Baltimore...
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...Application for a Tax Credit Certificate Please complete relevant sections in BLOCK LETTERS Personal Details First Name Surname Date of Birth (DD/MM/YY) Address PPS No. Nationality If you have a PPS No. but cannot provide it, state: Your Birth Surname, if different Civil Status - Insert T in the relevant section below: Married or in a Civil Partnership Separated, Divorced or Dissolved Civil Partnership Insert T in the box(es) if you, your spouse or civil partner hold a ‘full’ medical card (a ‘GP only’ medical card is not a ‘full’ medical card) Self Spouse or Civil Partner Single, Widowed or Surviving Civil Partner Male Female Form 12A / / Your Mother’s Birth Surname Residence Details If you lived outside the State during the last 24 months state: Date you went abroad (DD/MM/YY) Date of arrival or return to the State / / / / (DD/MM/YY) (if an Irish National) Intended duration of your stay Country of residence (i.e. number of months) prior to arrival here Permanent Temporary Are you here on a Permanent or Temporary basis? (insert T) Employment or Pension Details Name of Employer or Pension Company Address of Employer or Pension Company Employer’s or Pension Company’s PAYE Registered No. Staff or Personnel No. (if any) Occupation (e.g. Carpenter, Nurse, etc.) Full Time Part Time Date employment commenced (DD/MM/YY) Yes Yes / No No / Is this your first job in Ireland? Are you related to your employer by marriage, civil partnership or otherwise...
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...3 Quiz 1. Question : The time between the legislation of fiscal policy and its effect on output and employment is called 2. Question : The federal income tax is 3. Question : The largest single item in the federal budget is 4. Question : The Investment Tax Credit 5. Question : The measured deficit would be larger if 6. Question : Opponents of discretionary fiscal policy believe that it 7. Question : Keynes blamed economic downturns primarily on 8. Question : Keynes argued that planned saving was 9. Question : A structural deficit 10. Question : When aggregate planned expenditure falls short of potential output, the economy experience Course Home Work aims to provide quality study notes and tutorials to the students of ECO 203 Week 3 Quiz in order to ace their studies. ECO 203 WEEK 3 QUIZ To purchase this visit following link: http://www.activitymode.com/product/eco-203-week-3-quiz/ Contact us at: SUPPORT@ACTIVITYMODE.COM ECO 203 WEEK 3 QUIZ ECO 203 Week 3 Quiz 1. Question : The time between the legislation of fiscal policy and its effect on output and employment is called 2. Question : The federal income tax is 3. Question : The largest single item in the federal budget is 4. Question : The Investment Tax Credit 5. Question : The measured deficit would be larger if 6. Question : Opponents of discretionary fiscal policy believe that it 7. Question : ...
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...Payroll and Business Tax Accounting Chapter 1 – The Need for Payroll and Personnel Records Fair Labor Standards Act (FLSA) or Federal Wage and Hour Law – A federal statute of the United States that was established in 1932 by Senator Hugo Black. This statute “contains provisions and standards concerning minimum wage.” It also covers equal opportunity requirements so that everyone is paid a fair wage regardless of race or sex. It covers overtime and holiday pay, record keeping, and child labor. (Textbook) These standards affect “employees in the private sector and in federal, state, and local governments. Covered nonexempt workers are entitled to a minimum wage.” (www.dol.gov/whd/flsa) It also started “the forty-hour work week, established a national minimum wage, guaranteed ‘time-and-a-half’ for overtime in certain jobs, and prohibited most employment of minors in ‘oppressive child labor.’” (Wikipedia) Provides enterprise and individual employee coverage. Federal Insurance Contributions Act (FICA) – an employment tax that “imposes two taxes on employees and two taxes on employers.” These taxes fund old-age, survivors, and disability insurance program (OASDI) and hospital insurance (HI). (Textbook) The FICA “tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers.” (Wikipedia) This act requires...
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...Assignment #3 – Chapter #3 Wharton Class Due: Tuesday, September 16th @ 8:45am FBTC Class Due: Wednesday, September 17th @ 10:15am M/C Questions 1 – 15, pp. 113-4 (30 pts. total – 2 pts. ea.) 1. c 2. a 3. d 4. b 5. c 6.a 7.a 8. b 9. c 10. a 11. b 12. c 13. a 14. d 15. b T/F Questions 1 – 12, p.115 (12 pts. total – 1 pt. ea.) 1. f 2. t 3. t 4. f 5. t 6. f 7. f 8. t 9. t 10.f 11. t 12. f Algorithm Workbench #1 - #7, pp.115-6 – Write pseudocode (not Java) (21 pts. total) 1. Module Main() Declare userNum as Integer Display "Enter a number" input userNum call TimesTen(userNum) Display userNum End Function TimesTen(integer userNum) userNum = (userNum * 10) return userNum End Function Algorithm Workbench #1 - #7, pp. 115-6 (continued) – Write pseudocode (not Java) 2. def main(): showvalue() def showvalue(): print '12' main() 3. The value stored in ‘a’ will be: 3 The value stored in ‘b’ will be: 2 The value stored in ‘c’ will be: 1 4. Declare Integer age Declare Real income Declare String name Call Module1 (agem Real_Income, Name) 5. 6. 7. Debugging Exercises, p.117 (3 pts. Ea. / 12 pts. Total ) 1. 2. 3. 4. Programming Exercises, (#1 - p.117) (10 points total) #1. Kilometer Converter Design a modular program that asks the user to enter a distance in kilometers, and the converts that distance to miles. The...
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...Study of Overall Finance Department at BHEL, Bhopal SIP project report submitted in partial fulfilment of the requirements for the PGDM Programme Institute of Management Technology, Nagpur 2010-12 ACKNOLEDGEMENT I take this opportunity to extend my deepest gratitude to all those who have helped me in the completion of this project and my Summer Internship Program. First of all I wish to express my profound thanks to the management of the Institute of Management Technology, Nagpur for providing me a platform for industry exposure and training. I am thankful to Mr. Girish Shrivastava, GM HR, BHEL Bhopal, and Dr.G.L.Pradhan Coordinator, BHEL Bhopal, for showing trust in my abilities and providing me an opportunity to work and have a learning experience. I have put in my best efforts to justify this trust and to ensure that the value addition resulting from this project is mutual. I am extremely grateful to my Company Guide Mr. K.S. Mathur, Sr. DGM Finance, BHEL Bhopal, for providing the guidance and advice towards the completion of this project study. His constant support and valuable inputs from time to time helped me a lot in conducting this study. The resources and the documents provided by him also helped a lot. Guidance from my Institute guide, Prof Agam Nag, has played a significant role in the preparation of this report. His experience in academics contributed a lot to the conceptual framework discussed in the report. I would like to express my thanks to Prof...
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...Massachusetts Sales Tax Guide,Massachusetts,Sec. 6Exemptions GENERAL LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, 1932, CHAPTER 64H TAX ON RETAIL SALES OF CERTAIN TANGIBLE PERSONAL PROPERTY, CHAPTER 64H Imposition and Rate of Tax Statutes Cases & Rulings Regulations CCH Explanations The following sales and the gross receipts therefrom shall be exempt from the tax imposed by this chapter:— 6(a) Sales which the commonwealth is prohibited from taxing under the constitution or laws of the United States. 6(b) Sales of tangible personal property in transit or stored at points of entry intended for export or import or which the vendor is obligated under the terms of any agreement to deliver (1) to a purchaser outside the commonwealth or to a designee outside the commonwealth of a purchaser outside the commonwealth or (2) to an interstate carrier for delivery to a purchaser outside the commonwealth or to a designee outside the commonwealth of a purchaser outside the commonwealth. 6(c) Casual and isolated sales by a vendor who is not regularly engaged in the business of making sales at retail; provided, however, that nothing contained in this paragraph shall be construed to exempt any such sale of a motor vehicle or trailer, as defined in section one of chapter ninety, or any such sale of a boat or airplane, from the tax imposed under chapter sixty-four I. 6(d) Sales to the United States, the commonwealth or any political subdivision thereof, or their respective agencies...
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